Hello Corbin, welcome to the site.
If your current engine is tired and you plan on doing a swap anyway, your absolute best bang for the buck would be to scavenge the junk yards for a '95-'01 Explorer 5.0L engine.
These were roller blocks which utilized a freer revving, hydraulic roller valve train and the much more sought after GT40/GT40X ('97-up) cylinder heads.
Pick yourself up a decent '86-up HO, or better camshaft (B303, E303 TFS 1, etc) at a local swap meet for about $100, spend another $100 on a set of upgraded valve springs
here, add an Edelbrock Performer intake and 600+CFM carb, a few odds and ends and go racing!!!
Don't be surprised if you pick up 100hp over what that II made stock (140ish horsepower).
The later engines are more desirable mostly because of their more efficient, higher performance roller valve train and one piece rear main seal, which is less prone to leakage. They also utilize a 50oz imbalance, compared to the 28oz imbalance that your early 302 does.
You might have to mix and match a few front end accessory parts, and I'm not 100% certain of the configuration of your II. Keep in mind that the later roller blocks utilize a reverse rotation water pump.
In any case, you should just about be able to completely put this engine in your car with junk yard parts. The intake, carb and valve springs being the only after market additions.
Smoother running, better on fuel, cleaner running, vastly more powerful and considerably more reliable....it's a win-win all the way around.